Tron protocol revenue data once again refreshes our understanding. According to the latest statistics from Token Terminal, Tron’s total protocol revenue for the year 2025 reaches $3.5 billion. How exaggerated is this number? The combined protocol revenues of the second to tenth public chains do not even match it.

Looking at the total market cap of the top ten public chains, Tron alone accounts for 86.4% of the revenue share. This is not just a significant lead; it’s a level of dominance that feels like a dimensionality reduction attack.

Even more interesting is the user base. Tron currently has over 357 million active users. What does this mean? It indicates that under the support of a massive user volume, the protocol continuously generates revenue. From the perspective of public chain competition, this dual advantage of revenue scale and user scale has already formed a substantial moat. Other public chains will find it difficult to catch up.